Home Capital Investing Strategies

Retail sales in Singapore to return to pre-Covid levels: RHB

Bryan Wu
Bryan Wu7/6/2022 03:02 PM GMT+08  • 3 min read
Retail sales in Singapore to return to pre-Covid levels: RHB
Decreasing online sales momentum suggests that the shift towards brick-and-mortar shops is already in motion, according to RHB economist Barnabas Gan.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

RHB senior economist Barnabas Gan believes that Singapore’s retail sales will return to pre-Covid levels by the end of 2022, with a forecast of 10% growth in 2022 from the 11.1% expansion in 2021.

Already, Singapore is showing signs of improvement. Singapore’s retail sales expanded by 17.8% y-o-y in May 2022, marking a third consecutive month of increase. Excluding motor vehicles, retail sales surged 22.6% y-o-y, as motor sales dipped 13.4% y-o-y. This growth was primarily led by higher spending in departmental stores and in selected discretionary goods such as wearing apparel & footwear, watches & jewellery, as well as recreational goods.

“Key drivers for retail sales in Singapore include the tight labour market seen ytd, whilst the gradual reopening of Asia’s borders should support tourism-led spending,” the economist writes.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.